c/^w 


[ETouss  OK  Reprksextatives,  No.  807.] 

HOUSE  OF  REPRESENTATIVES,  December  29,  1864.-Read 
first  and  second  tiine.^i,  postponed  until  the  5th  day  of  January,  1865, 
and  ordered  to  be  printed. 

[Cy  Mr.  LvoN".  from  Committee  of  Ways  and  Means, 


A.     BILL 

To  i»e  entidod  An  Act  authorizing  the  Secretary  of  the  Treasury  to 
borrow  'ji-p.  Jo  to  be  applied  to  ihe  redemption  and  reduc- 
tion of  the  currency. 

1  Tiie  Congress  of  the    Confeferafe   States  »f  America  do  enact, 

2  That   the    Secretary    of    the   Treasury  1)0,  and    he  is   hereby 

3  authorized  to  l>or:-ow.  from   any   bank->  or    '•ther  corporations, 

4  companies,  partnerships  or  individuals,  spec  e  to  an  amount  not 

0  exceeding  thirty  million?  of  dolla-'s. 

1  Sec.  2.     The  srdd  Secretary  shall  issuo  to  each   lender  a  l)ond 

2  or  bond?  of  the  Confederate  States  for  the  repayment  of  the 

3  amount  of  specie  lent,  within  years  after  the  ratification 

4  of  a  ti-eaty  of  peace  with  the   United  States,  which  said  bonds 

5  shall  bear  intcrc.?t  at  the  riite  of  six    per  centum    per  annum, 

6  payable  semi-annnaliy  ia  i-)>ecie.  • 

1  Sec.  3.     The  sjiecie  so  borrowed  shall  be  employed  by  the  said 

2  Secretary  in  purchasing  the  out'^tanding  Treasury  notes  of  the 

3  (."onfedeiate  State.'?,  at  such  times  and  upon  such  terms  as  shall 


i 

2 

4  be  prescribed  by  tbe  said  Secretary,  bv  regulation  to  be  made- 

5  and  published  by  him  from  time  to  time  for  tliat  pmpose. 

1  Skc.  4.     The  said  Secretary  shall  cause  the  Treasury  Tiotes  so 

2  pui  chased  to  be  car.cclled,  and  shall  issue,  to  an  amount  equal 

3  to  that  of  the  notes  cancelled,  tithe  certificates  of  the  Confed- 

4  erate  States,  such  as  are    authorized  to   be  issued  by  the  pro-' 

5  visions  of  the  Act  ?pproved  the  day  of  December,  1864, 

6  entitled  ••  An  Act  to  provide  more  effectually  for  the  reductio» 

7  and  redemption  of  the  cunency." 

1  S£C.  5.     The  tithe  certificates  so  is'-^uod  shall  be  hypothecated 

2  by  the  said  Secretary  as  security  for  ihe  redemption  of  ibe  spe- 

3  cie  bonds  to  le    it-sued  under   the  second   section  of  this  Act  : 

4  and  a  ratable  share  of  such  certificates  shall  be  allotted  to  each 

5  bank  or  other  holder  of  the  specie  bonds  aforesaid. 

1  Si  c.  G.     The  said  Secretary  shall  have  the  option  to  j.ay  ihe 

2  inter  st  upon  su(h  hypothecated   certificates,  in  lieu  of  paying 

3  ihe  interest  upon  the  said  specie  bonds.     He  shall  also  have  the 

4  option  to  pay  the  said   bonds  and   redeem  the  said  certificates 

5  any   time   before   the  period  of  payment  mentioTied  in  tWe  said 

6  bends. 

1  Fec.  7.     Any  Slate  in  the  Confederacy  shall    have  the  light, 

t 

2  before  the  loans  made  by  the  banks  of  such  State  under  tbe 

3  provisions  of  this  Act,  shall   have  become  payable,  to  assurae 

4  the  obligation  of  the  Confederate   States  to  make  such  repay- 


5  mcnt:  and  in  case  of  such  assumption,  the  specie  bonds  issued 

6  for  such  loans  shall  be  cancelled,  and  returned  to  the  Secretary 

7  of  the  Treasury,  who  shall  thereupon  transfer  to  such  State  the 
S  certificates  hypothecated  for    the  redemption  of  the  bonds  so 

9  canceli(-d  and   returnod. 

1  Sec.  8.     'I  hat  in  all  cases  where  specie,  belonging  to  any  bank 

"2  of  any  Confe<kM-atc  State,  has  already  been  received  i;i:o   the 

3  Treasury,  of  the  Confederate  States,  it  shall  be  the  duty  of  the 

4  Secretary  of  the  Treasury,  to  invest  the  same,  or  so  much  there- 

5  of  a?  shall  lie  nectssaiy  for  the  purpo.<e,  in  the  purchase  of  Con- 
(')  federate  Treasury  notes,  to  an  amount  e(}Uil  in  vnluo  to  the  cs- 

7  limated  proportion  of  the  tithes  payable  by  the  people  of  sa  d 

8  Ftate.  under  the  previsions  (^f  an  Act  entitled  "  An  Act  (o  ])ro- 

9  vide  n)Oie  eliectually  for  the  reduction  jfi;(i  r.  demp'ion    ol'  the 

10  currency;"  and  the  Treasury  notes  so   purchased  shall  be  con- 

11  verted  into  tithe  certificates  in  the  manner  provided  in  the  fore- 

12  goiig  sections  of  this  acr,  and  the  state  in  wli  ch   said  bank    is 

13  established,  shall  have  the  same  rights  as  are  provided  in  favor 

14  of  other  states  under  the  seventh  section  of  this  act.  And  in 
1*  case  the  amount  unexpended  and  remaining  in  the  Trensu'-y,  of 
10  the  specie  already  received  into  the  Treasury  asaf'  resaid,  shall 

17  not  suffice  to  purchase  the  estimated  proportion  of  tithes  of  any 

18  state  as  aforo-nid    then  the  said    purchases  shall    be  continued, 


4 

19  and  payment  for  the  same  be  made  out  of  any  other  specie,  or 

20  by  means  of  any  foreign  exchange  at  the  disposal  of  the  Secre- 

21  tary  of  the  Treasury,  and  not  otherwise  appropriated  :  Provided^ 

22  That  the  specie  or  foreign  exchange  so  applied  in  behalf  of  any 

23  state,  shall  not  exceed  the  sum  received  from  the  banks  of  the 

24  said  state. 

1  Sec.  9.     This  act  shall  commence  and  be  in  force  from  and  after 

2  the  passing  thereof. 


3lh 


